45 Convertible Bonds Raise RMB 55.8 Billion in 2026, Tech Firms Nearly 60%
In 2026, 45 convertible bonds were publicly issued on A-shares, raising RMB 55.8 billion, more than double the number from the same period in 2025. Tech firms on ChiNext and the STAR Market accounted for 57.78% of issuers. Of the 36 bonds listed this year, 24 (66.67%) posted an average first-day gain of 57.30%. The outstanding market size has shrunk to about RMB 500 billion, down over RMB 60 billion from the start of the year, as 113 bonds matured or were redeemed. The median conversion premium stands at 60%.
Since the start of 2026, the number of convertible bond issuances has doubled year-on-year, with tech firms becoming the main issuers. Data show that, based on the announcement date, 45 convertible bonds have been publicly issued in 2026, double the number in the same period of 2025, with total proceeds reaching RMB 55.816 billion. The current market has ample reserve proposals, regulatory review efficiency has improved, and corporate financing appetite has recovered. However, the outstanding old bonds are exiting en masse, the overall market contraction has not changed, and the supply-demand tight balance continues.
Recently, convertible bonds have entered a dense issuance window. On July 28, Tebao Convertible Bond began online subscription, followed by an accelerated pace on July 29 and 30, with up to two convertible bonds available for subscription per day. In 2026, 45 convertible bonds have been publicly issued on A-shares, of which 30 have been issued since June, accounting for 66.67% of the annual total. By issuer structure, 26 convertible bonds were issued by companies on the ChiNext and STAR Market boards, representing 57.78% of all new issues. Monthly issuance in June and July both exceeded RMB 20 billion. The RMB 8 billion Zhongke Shuguang convertible bond project is the largest single issuance this year, with all proceeds invested in AI computing infrastructure.
According to the Securities Issuance and Underwriting Management Measures issued by the China Securities Regulatory Commission, issuers cannot start convertible bond issuance before the profit distribution plan is formally implemented, and in principle, equity changes should be avoided during the issuance period. If a listed company does not find a suitable issuance opportunity before May, it must wait until after the equity distribution is implemented. Therefore, new bonds usually see concentrated supply in June and July. Currently, more than 100 convertible bond projects are in the queue, with nearly 30 issuance plans having received CSRC registration approval or passed the listing committee review. The remaining projects are at various stages, including exchange acceptance and inquiry, shareholder meeting approval, and board proposal.
Among the 36 convertible bonds listed in 2026, 24 recorded a first-day closing gain of 57.30%, accounting for 66.67%. Bonds such as Shengde, Kema, and Sanjiang saw their post-listing highs exceed the issue price by more than 100%. As of July 27, the scale of convertible bond ETFs reached RMB 76.892 billion, an increase of more than RMB 15 billion from the beginning of the year. The median conversion premium ratio in the convertible bond market is about 60%, with some bonds' premium ratios remaining above 100% for a long time.
A total of 113 convertible bonds have been redeemed and delisted from exchanges this year, with a total scale of RMB 124.206 billion based on issuance share calculation. The number and volume of exits significantly exceed the new issuances in the same period. The latest outstanding market size has fallen to about RMB 500 billion, a decrease of more than RMB 60 billion from the beginning of the year. The average remaining maturity of convertible bond assets has shortened, the selection space has been greatly compressed, and the market is paying more attention to newly listed bonds with good liquidity.